PHILADELPHIA — PowerPay, a financial technology company that provides consumer lending for home improvements and elective healthcare, is announcing the launch of a solar financing program aimed at making clean energy affordable for more homeowners.

The demand for sustainable energy sources continues to grow at a rapid pace. These projects have high upfront material and labor costs. PowerPay financing products allow consumers to transform these large purchases into small monthly payments. Financing can be applied to the entire project including solar panels, batteries, generators, roofing and all installation costs. The program offers 20 and 25-year loans with rates starting at 2.99% and a $100,000 loan maximum. PowerPay's solar financing program will allow homeowners to reduce their electricity bills and increase the value of their homes while protecting the environment.

We see a tremendous opportunity to grow market share and build solar into a multibillion vertical.

"We're really excited to enter the solar business. Many of our existing home improvement clients already offer solar and have been anxious for us to roll out this program," said PowerPay Co-founder and COO David Haas. "The market is huge and growing. We've developed a seamless lending platform, delivered an ultra-competitive loan product and are offering the lowest merchant fees in the industry. We see a tremendous opportunity to grow market share and build solar into a multibillion vertical."

PowerPay previously announced partnerships with digital platforms and tools like Leap and Roofr, making it easier for contractors to streamline the loan process.